BitcoinWorld Tether Books $12.7M Profit on Partial Sale of Bitdeer Stake, SEC Filing Shows Tether, the company behind the world’s largest stablecoin by market capitalization, has realized a p
BitcoinWorld
Tether Books $12.7M Profit on Partial Sale of Bitdeer Stake, SEC Filing Shows
Tether, the company behind the world’s largest stablecoin by market capitalization, has realized a profit of approximately $12.7 million by selling a portion of its stake in Bitdeer Technologies Group (BTDR), a Bitcoin cloud mining firm. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on June 16.
According to a Schedule 13D amendment filed with the SEC, Tether affiliates held 37.7 million Class A shares of Bitdeer as of June 12. This represents 19.7% of the company’s outstanding Class A shares, a reduction from the 38.3 million shares — or 20.1% — that Tether reported in a previous filing in February. The sale marks a deliberate move to take profits after a strategic entry point earlier this year.
Tether initially acquired its stake in Bitdeer in February, when the stock price dipped following a refinancing announcement by the company. At that time, Tether’s average purchase price was approximately $8.85 per share. The recent sale occurred after Bitdeer’s stock rebounded to around $20 per share, allowing Tether to lock in a significant gain. The partial divestiture is consistent with a disciplined investment approach, capitalizing on market volatility.
The move signals Tether’s active portfolio management and its ability to identify value in the cryptocurrency mining sector. Bitdeer, which operates large-scale Bitcoin mining facilities, has been navigating a challenging environment marked by fluctuating Bitcoin prices and rising energy costs. Tether’s profit-taking could be interpreted as a vote of confidence in the company’s longer-term prospects, even as it reduces its ownership percentage. For investors, the filing provides transparency into the holdings of one of the most influential entities in the crypto ecosystem.
Tether’s $12.7 million profit on its Bitdeer stake underscores the company’s strategic investment acumen and its active role in the Bitcoin mining industry. The partial sale, disclosed in an SEC filing, highlights a well-timed entry and exit, and offers a rare glimpse into the portfolio decisions of a major stablecoin issuer. As the cryptocurrency market continues to evolve, such filings will remain a key source of insight for analysts and investors alike.
Q1: Why did Tether sell part of its Bitdeer stake?Tether sold a portion of its Bitdeer shares to realize a profit after the stock price increased significantly from its purchase price in February. The sale is a standard portfolio management strategy.
Q2: How much did Tether profit from the sale?Tether secured approximately $12.7 million in profit from the partial sale of its Bitdeer stake, based on the difference between its average purchase price of around $8.85 per share and the sale price near $20 per share.
Q3: What is Bitdeer Technologies Group?Bitdeer is a Bitcoin cloud mining company that provides computing power for cryptocurrency mining. It is publicly traded on the Nasdaq under the ticker symbol BTDR.
This post Tether Books $12.7M Profit on Partial Sale of Bitdeer Stake, SEC Filing Shows first appeared on BitcoinWorld.
